Homebuying, 1 percent style

From Chicago Tribune ( Sept 2012)

Money may not buy happiness, but it helps when buying these multimillion-dollar homes


CEO addresses range from downtown Chicago to the Gold Coast and Lincoln Park. In the suburbs, the hot places include the North Shore, the Barringtons and affluent western villages like Hinsdale.

In the city, the highest condos in the clouds look down from Trump International Hotel & Tower, 401 N. Wabash Ave. The 92-story property on the Chicago River has 486 condos on 62 floors.

Only upper-bracket buyers need apply for the 89th-floor penthouse with 6,800 square feet and 360-degree views of the city and lake. The asking price: $32 million, according to Michael Maier, sales executive at Trump Tower.

Those who will settle for a half-floor penthouse only have to pay $7.5 million. Chicago Bulls star Derrick Rose scored a relative bargain on a 3,102-square-foot unit on the 84th floor for $2.8 million.

Another bargain? The price of the Palmolive Building's penthouse has been cut to $16.2 million from $18.7 million..

Special features might lure other elite buyers. How about a rooftop Japanese garden? The penthouse on the 14th floor of the Contemporaine condominium building, 201 W. Grand Ave., in River North, takes green to a new level. Its outdoor terrace is a miniforest with trees, boulders, a waterfall and shallow pools. The unit is priced just under $3 million.

Two new high-rise developments that cater to the rich and super rich are the Ritz-Carlton Residences and Lincoln Park 2550. The 40-story Ritz-Carlton, 664 N. Michigan Ave., has 89 residences topped by a $13 million penthouse, while 39-story Lincoln Park 2550 overlooks the park and lake at 2550 Lakeview Ave. with 218 units and a $14 million penthouse.


Leave a Reply